Tredje AP fonden Purchases 23,970 Shares of Newmont Corporation $NEM

Key Points

• Tredje AP fonden boosted its stake in Newmont by 33.1% in the fourth quarter, buying 23,970 additional shares and bringing its total holding to 96,316 shares worth about $9.6 million.
• Institutional ownership remains high, with 68.85% of Newmont’s stock held by institutional investors, even as several smaller funds also added or initiated positions.
• Newmont reported strong quarterly results, with EPS of $2.90 beating estimates and revenue of $7.31 billion topping expectations; the company also announced a quarterly dividend of $0.26 per share.

Tredje AP fonden increased its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 33.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 96,316 shares of the basic materials company's stock after purchasing an additional 23,970 shares during the period. Tredje AP fonden's holdings in Newmont were worth $9,617,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GoalVest Advisory LLC purchased a new position in Newmont during the fourth quarter valued at $25,000. Physician Wealth Advisors Inc. grew its stake in Newmont by 327.8% during the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company's stock valued at $26,000 after acquiring an additional 236 shares in the last quarter. Cornerstone Planning Group LLC grew its stake in Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock valued at $27,000 after acquiring an additional 206 shares in the last quarter. JPL Wealth Management LLC purchased a new position in Newmont during the third quarter valued at $27,000. Finally, Lodestone Wealth Management LLC purchased a new position in Newmont during the fourth quarter valued at $28,000. 68.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Newmont

In other Newmont news, insider David James Fry sold 18,394 shares of Newmont stock in a transaction on Monday, March 16th. The shares were sold at an average price of $111.45, for a total value of $2,050,011.30. Following the completion of the transaction, the insider directly owned 17,147 shares of the company's stock, valued at $1,911,033.15. This trade represents a 51.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $252,812.56. Following the completion of the transaction, the insider directly owned 23,163 shares of the company's stock, valued at $2,550,477.93. The trade was a 9.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 43,068 shares of company stock valued at $4,769,475. Corporate insiders own 0.06% of the company's stock.

Newmont Stock Performance

Shares of NYSE:NEM opened at $104.94 on Wednesday. Newmont Corporation has a 52 week low of $50.79 and a 52 week high of $134.88. The stock has a market capitalization of $112.03 billion, a P/E ratio of 13.61, a PEG ratio of 1.57 and a beta of 0.43. The firm has a fifty day simple moving average of $111.60 and a two-hundred day simple moving average of $107.63. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, topping analysts' consensus estimates of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $6.83 billion. During the same period last year, the company posted $1.25 EPS. The business's revenue was up 45.8% on a year-over-year basis. On average, analysts expect that Newmont Corporation will post 9.47 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont's dividend payout ratio (DPR) is presently 13.49%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Citigroup raised their target price on shares of Newmont from $118.00 to $150.00 and gave the company a "buy" rating in a research note on Tuesday, March 3rd. Scotiabank cut their target price on shares of Newmont from $152.00 to $151.00 and set a "sector outperform" rating for the company in a research note on Friday, March 20th. Sanford C. Bernstein raised shares of Newmont from a "market perform" rating to an "outperform" rating and raised their target price for the company from $121.00 to $157.00 in a research note on Friday, February 27th. Argus raised their target price on shares of Newmont from $94.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, April 23rd. Finally, Bank of America raised their target price on shares of Newmont from $134.00 to $151.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $142.51.

Newmont Profile

Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

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